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Kitchen Culture ventures into fintech industry in partnership with Ooway Technology
CATALIST-LISTED kitchen equipment supplier Kitchen Culture Holdings is partnering Ooway Technology to offer services including credit rating services and integrated supply chain finance solution for merchants operating in Hong Kong on e-commerce trade platform DHgate.com.
The services will be provided through DHgate.com's financial solutions partner Camel Financial, said Kitchen Culture in a bourse filing on Wednesday.
Said Lim Wee Li, executive chairman and chief executive officer of Kitchen Culture, in a media statement: "China and the Asean region is poised to become the centre of the global digital supply chain; and this is only possible with proper credit assessment, access to financing and capital resources within the supply chain.
"We hope to grow from strength to strength by capitalising on the synergies from all parties in this collaboration."
Ooway Technology, which runs an artificial intelligence (AI)-based credit management platform, had entered into a strategic cooperation agreement with Camel Financial to provide the firm with the technology to manage risk through a Behaviour Model of Association Risk System. The system will establish a correlation between behavioural patterns and credit risks of merchants on DHG's portals more objectively.
Ooway Technology will also provide an integrated supply chain finance solution for merchants operating in Hong Kong on DHG's portals, including provision of credit lines for instant cash withdrawal or order financing of offshore USD or onshore RMB.
Kitchen Culture unveiled plans last month to take a 30 per cent stake in Ooway Technology. Shareholders must approve the S$23.9 million deal - to be funded by issuing 90 million new shares at 26.58 Singapore cents apiece - at the upcoming extraordinary general meeting on Oct 7. The new shares would represent 21.42 per cent of the enlarged share capital of Kitchen Culture. The partnership is subject to the completion of the acquisition.
The company called for a trading halt on Wednesday morning before the announcement, and last traded at 13.5 Singapore cents on Tuesday.